MetLife Investment Management LLC Cuts Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

MetLife Investment Management LLC cut its position in Coinbase Global, Inc. (NASDAQ:COIN) by 1.9% in the third quarter, HoldingsChannel.com reports. The firm owned 11,006 shares of the cryptocurrency exchange’s stock after selling 218 shares during the period. MetLife Investment Management LLC’s holdings in Coinbase Global were worth $1,961,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of COIN. RPg Family Wealth Advisory LLC bought a new position in shares of Coinbase Global during the 3rd quarter worth approximately $25,000. Crewe Advisors LLC boosted its position in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in Coinbase Global during the 3rd quarter worth $32,000. Spirit of America Management Corp NY acquired a new position in Coinbase Global during the 2nd quarter valued at about $33,000. Finally, Continuum Advisory LLC raised its stake in Coinbase Global by 3,000.0% in the second quarter. Continuum Advisory LLC now owns 155 shares of the cryptocurrency exchange’s stock valued at $34,000 after buying an additional 150 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on COIN. Oppenheimer upped their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research note on Thursday, October 31st. Mizuho lifted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Barclays upped their target price on Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $265.33.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $305.71, for a total transaction of $3,057,100.00. Following the completion of the sale, the insider now owns 69,407 shares of the company’s stock, valued at $21,218,413.97. The trade was a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $162.24, for a total value of $243,360.00. Following the completion of the sale, the chief operating officer now owns 187,601 shares in the company, valued at approximately $30,436,386.24. The trade was a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 264,606 shares of company stock worth $77,554,992. 23.43% of the stock is owned by corporate insiders.

Coinbase Global Stock Performance

COIN opened at $320.57 on Friday. The firm has a fifty day moving average price of $236.84 and a 200 day moving average price of $220.85. Coinbase Global, Inc. has a 1 year low of $114.51 and a 1 year high of $349.49. The stock has a market cap of $80.25 billion, a P/E ratio of 55.82 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the company posted ($0.01) EPS. The company’s revenue was up 78.8% on a year-over-year basis. Equities research analysts anticipate that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Coinbase Global Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.